Equatorial Energia (EQTL3), through its distributor CEEE-D, reported in a site visit presentation that it made total investments (capex) of R$ 4.384 bn in the concession between 2021 and the first half of 2026. In the same period, the amount invested in electrical assets reached R$ 3.7 bn, taking May 2026 as the reference cutoff date.
The investments included 15 substations expanded or refurbished, 5 new substations, 192,000 tree prunings along the power grid, installation of more than 1,400 three-phase reclosers, 143,000 maintenance services on the distribution grid (RD) and the replacement of 125,000 concrete poles, in addition to the expansion and modernization of the Integrated Operations Center (COI) and a new headquarters.
In 12-month operating indicators, total losses fell from 18.6% in 2021 to 12.9% in 2Q26, versus a regulatory limit of 12.5%. The collection index (IAR) was 98.4% in 2Q26, compared with 97.7% in 2021, while supply quality posted its best historical result, with a reduction of 9.3 hours in the regulatory Global DEC between 2024 and 2026 and of 3 hours in the regulatory Global FEC between 2024 and 2026.
In financial indicators, adjusted PMSO rose from R$ 302 mn in 2021 to R$ 652 mn in 2025, with R$ 155 mn in 2Q26, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) went from R$ -49 mn in 2021 to R$ 690 mn in 2025 and R$ 148 mn in 2Q26. Annual capex increased from R$ 125 mn in 2021 to R$ 1.368 bn in 2025, totaling R$ 302 mn in 2Q25 and R$ 282 mn in 2Q26.
The company also detailed its debt position, with gross debt of R$ 9.242 bn, cash of R$ 1.457 bn and net debt of R$ 7.785 bn. The average term and cost of the debt are 4.4 years and 14.96% per year, with 88.7% indexed to the CDI, 8.6% to the IPCA and 2.7% at a fixed rate. Under the so-called Acordo Gaúcho, the total eligible ICMS liability is R$ 2.8 bn, of which approximately R$ 911 mn has already been enrolled, with the possibility of settlement through cash payment in four installments and the use of court-ordered government debt (precatórios) purchased at a discount.
